Merrimack: MM-121 Should Drive Valuation Near Term, Says Brean Capital
In a research report sent to investors today, Brean Capital analyst Jonathan Aschoff reiterated a Buy rating on Merrimack Pharmaceuticals (NASDAQ:MACK) with a $16 price target, as the company hosted an analyst day in New York, where it outlined the commercial opportunity for MM-398 as well as the status of its pipeline development.
Aschoff noted, “We look forward to the regulatory submission of MM-398 for post-gem pancreatic cancer in 1H15 as well as potential partnership for MM-121 that we view as highly likely. Merrimack has been actively engaged in partnership discussions for MM-121 since this summer, and the company anticipates having a partner on board either before the Phase 3 trial or soon thereafter. We strongly believe MM-121 will be re-partnered, thus serving as one of our key investment catalysts for the company.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jonathan Aschoff has a total average return of 15.7% and a 66.1% success rate. Aschoff has a 27.7% average return when recommending MACK, and is ranked #85 out of 3420 analysts.